v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
Risk-free interest rate
 
 
1.10%
 
 
 
0.51
 
 
0.66
Expected dividend yield
 
 
2.53%
 
 
 
2.89
 
 
2.65
Expected term
 
 
4.3 years
 
 
 
4.3 years
 
 
 
4.3 years
 
Expected volatility
 
 
16.2%
 
 
 
26.4
 
 
29.6
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following tables summarize stock option activity under the Company’s plans:

Stock Options

 
 
 
 
 
 
 
 
Years ended December 31,
  
 
2013
 
2012
 
2011
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Outstanding at beginning of year
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
 
 
1,269,426
 
 
$
20.25
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
253,400
 
 
 
23.53
 
 
 
235,700
 
 
 
24.21
 
Exercised
 
 
(219,526)
 
 
 
17.91
 
 
 
(174,646
 
 
13.17
 
 
 
(122,463
 
 
8.95
 
Forfeited or expired
 
 
(118,700)
 
 
 
30.30
 
 
 
(120,450
 
 
27.37
 
 
 
(75,175
 
 
24.93
 
Outstanding at end of year
 
 
1,260,866
 
 
$
24.41
 
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
Exercisable at end of year
 
 
581,081
 
 
$
22.39
 
 
 
706,863
 
 
$
21.89
 
 
 
821,510
 
 
$
20.16
 
Weighted average fair market value of options granted
 
$
2.77
 
 
 
 
 
$
3.68
 
 
 
 
 
$
4.51
 
 
 
 
 
 
 
 
Weighted Average Remaining Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
Outstanding – December 31, 2013
 
 
3.7
 
 
$
6,330,000
 
Exercisable – December 31, 2013
 
 
2.2
 
 
$
4,092,000
 
Schedule of Nonvested Share Activity [Table Text Block]
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

Non-vested Stock Options

 
 
 
 
Non-vested Stock Options
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average
Fair Value
Non-vested – December 31, 2010
 
 
421,226
 
 
$
25.16
 
 
$
4.94
 
Granted
 
 
235,700
 
 
 
24.21
 
 
 
4.51
 
Vested
 
 
(145,298
 
 
25.86
 
 
 
5.05
 
Forfeited
 
 
(25,650
 
 
25.62
 
 
 
4.91
 
Non-vested – December 31, 2011
 
 
485,978
 
 
$
24.46
 
 
$
4.70
 
Granted
 
 
253,400
 
 
 
23.53
 
 
 
3.68
 
Vested
 
 
(173,824
 
 
25.05
 
 
 
4.73
 
Forfeited
 
 
(6,625
 
 
24.26
 
 
 
4.60
 
Non-vested – December 31, 2012
 
 
558,929
 
 
$
23.86
 
 
$
4.23
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
2.77
 
Vested
 
 
(207,044
 
 
23.83
 
 
 
4.42
 
Forfeited
 
 
(5,400
 
 
23.95
 
 
 
4.28
 
Non-vested – December 31, 2013
 
 
679,785
 
 
$
26.14
 
 
$
3.46
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013:
 
 
 
 
 
 
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
 
Number of Options Outstanding
 
Weighted Average Remaining Contractual Life
(in Years)
 
Weighted Average Exercise Price
 
Number of Options Exercisable
 
Weighted Average Exercise
Price
$15.46 to $18.03
 
 
135,966
 
 
 
1.20
 
 
$
17.71
 
 
 
135,966
 
 
$
17.71
 
$23.09 to $23.53
 
 
400,775
 
 
 
3.41
 
 
 
23.36
 
 
 
212,068
 
 
 
23.22
 
$24.21 to $28.50
 
 
724,125
 
 
 
4.37
 
 
 
26.25
 
 
 
233,047
 
 
 
24.36
 
  
 
 
1,260,866
 
 
 
3.72
 
 
$
24.41
 
 
 
581,081
 
 
$
22.39
 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
The following table summarizes stock option activity for the years ended December 31:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Total intrinsic value of stock options exercised
 
$
1,506
 
 
$
1,704
 
 
$
1,299
 
Cash received from stock option exercises
 
$
3,932
 
 
$
2,300
 
 
$
1,096
 
Income tax benefit from the exercise of stock options
 
$
588
 
 
$
664
 
 
$
507
 
Total fair value of stock options vested
 
$
915
 
 
$
821
 
 
$
733
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013:
 
 
 
Non-vested Restricted Stock
 
Shares of Restricted Stock
 
Weighted Average
Grant Date
Fair Value
Non-vested – December 31, 2010
 
 
35,448
 
 
$
24.79
 
Issued
 
 
19,300
 
 
 
24.21
 
Vested
 
 
(16,748
 
 
25.91
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2011
 
 
38,000
 
 
$
24.47
 
Issued
 
 
19,600
 
 
 
23.53
 
Vested
 
 
(15,025
 
 
24.97
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2012
 
 
42,575
 
 
 
23.87
 
Issued
 
 
20,400
 
 
 
28.50
 
Vested
 
 
(15,475
 
 
23.85
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2013
 
 
47,500
 
 
$
25.86